State Street Corp boosted its stake in shares of Seattle Genetics Inc. (NASDAQ:SGEN) by 18.3% during the first quarter, according to its most recent filing with the SEC. The firm owned 2,319,710 shares of the company’s stock after buying an additional 358,297 shares during the period. State Street Corp owned about 1.66% of Seattle Genetics worth $81,406,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Glenmede Trust Co. NA raised its position in Seattle Genetics by 14.4% in the first quarter. Glenmede Trust Co. NA now owns 9,048 shares of the company’s stock valued at $317,000 after buying an additional 1,136 shares during the period. BlackRock Inc. raised its position in Seattle Genetics by 283.9% in the first quarter. BlackRock Inc. now owns 11,654 shares of the company’s stock valued at $408,000 after buying an additional 8,618 shares during the period. Ramsey Quantitative Systems raised its position in Seattle Genetics by 15.8% in the first quarter. Ramsey Quantitative Systems now owns 15,029 shares of the company’s stock valued at $527,000 after buying an additional 2,049 shares during the period. Aperio Group LLC raised its position in Seattle Genetics by 43.7% in the first quarter. Aperio Group LLC now owns 20,938 shares of the company’s stock valued at $735,000 after buying an additional 6,370 shares during the period. Finally, Spark Investment Management LLC bought a new position in Seattle Genetics during the first quarter valued at $1,126,000.
Seattle Genetics Inc. (NASDAQ:SGEN) traded up 4.45% during mid-day trading on Wednesday, hitting $43.40. The stock had a trading volume of 567,848 shares. Seattle Genetics Inc. has a 12 month low of $26.02 and a 12 month high of $51.67. The company’s market cap is $6.08 billion. The firm’s 50-day moving average is $40.61 and its 200 day moving average is $36.37.
Seattle Genetics (NASDAQ:SGEN) last issued its quarterly earnings results on Thursday, April 28th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.09) by $0.06. During the same period in the prior year, the business posted ($0.17) earnings per share. The business earned $111.15 million during the quarter, compared to analysts’ expectations of $116.49 million. The firm’s revenue was up 35.3% on a year-over-year basis. Equities analysts anticipate that Seattle Genetics Inc. will post ($1.10) EPS for the current fiscal year.
Several research analysts have weighed in on the company. Credit Suisse Group AG reaffirmed a “buy” rating on shares of Seattle Genetics in a research report on Tuesday, July 12th. Zacks Investment Research raised Seattle Genetics from a “hold” rating to a “buy” rating and set a $46.00 target price on the stock in a report on Monday, July 4th. Needham & Company LLC reissued a “buy” rating and set a $72.00 target price (up from $60.00) on shares of Seattle Genetics in a report on Wednesday, June 29th. HC Wainwright reissued a “buy” rating and set a $65.00 target price on shares of Seattle Genetics in a report on Monday, June 13th. Finally, Cantor Fitzgerald reissued a “buy” rating and set a $43.00 target price on shares of Seattle Genetics in a report on Wednesday, June 8th. One research analyst has rated the stock with a sell rating, six have given a hold rating and nine have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $46.61.
In other Seattle Genetics news, CEO Clay B. Siegall sold 800 shares of Seattle Genetics stock in a transaction dated Monday, April 25th. The stock was sold at an average price of $40.00, for a total transaction of $32,000.00. Following the completion of the sale, the chief executive officer now owns 556,915 shares of the company’s stock, valued at $22,276,600. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Clay B. Siegall sold 7,618 shares of the business’s stock in a transaction dated Tuesday, May 17th. The shares were sold at an average price of $35.16, for a total value of $267,848.88. Following the completion of the sale, the chief executive officer now directly owns 563,733 shares of the company’s stock, valued at approximately $19,820,852.28. The disclosure for this sale can be found here.
Seattle Genetics, Inc is a biotechnology company focused on the development and commercialization of therapies for the treatment of cancer. The Company’s product ADCETRIS, or brentuximab vedotin, is an antibody-drug conjugate (ADC), comprising an anti-CD30 monoclonal antibody attached by a protease-cleavable linker to a microtubule disrupting agent, monomethyl auristatin E (MMAE).